Family Business Editor
Interest: Management Ethics Leadership Family Business Entrepreneurship
Industry: Management of Companies & Enterprises
Interviewee:
Family business members and students can learn how professional human resources practices can minimize issues.
Family firms should use HRM practices that balance collaboration and monitoring for best results.
A strong leader can manage both the engineering and business teams, keep everyone focused on key objectives and communicate the project’s overall priorities.
Tight control or adaptability and collaboration? A hybrid of both approaches motivates best.
As work/life balance and alternative work arrangements grow, family businesses must work harder to keep non-family staff happy and attract new candidates.
Leaders must think about not only how much to pay managers, but also whether all should receive equal pay, whether merit plays a role, and how non-family executives should be compensated.
Sometimes the worst behavior happens for all the right reasons. Putting "family first" can jeopardize the business's health and longevity.
Successors recommit when roles align with their values, skills, and life stage—and when family dynamics allow earlier experiences to be reinterpreted.